- The bankruptcy court signaled a possible need for a new creditors’ vote in Celsius Network’s bid to transform into a Bitcoin mining company.
- Celsius Network intends to restructure the company, transforming it into a Bitcoin mining firm.
- The judge pointed out discrepancies between the creditors’ proposal and the company’s revised deal.
A recent Reuters report unearthed a new development in the bankrupt cryptocurrency lending company Celsius Network’s bid to transform into a Bitcoin mining company. Reportedly, U.S. Bankruptcy Judge Martin Glenn pointed out the discrepancy between the creditors’ proposal and the revised deal of the company.
Following Celsius Network’s collapse in 2022’s bearish market, the platform filed for Chapter 11 bankruptcy, suspending withdrawals. At the time, the platform’s liabilities, as revealed by them, amounted to a range of $1 billion to $10 billion.
In November, the bankruptcy court approved Celsius Network’s restructuring plan, a proposal that aims to recover the platform as a creditor-owned Bitcoin mining company. The deal also intends to reimburse customer funds and provide equity in the new firm, which wou…
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